HomeMy WebLinkAboutResolution No. 019-19 - D4: Amendment to 21 1st Street SW Project TIF Plan Budget
RESOLUTION NO.
ROCHESTER ECONOMIC DEVELOPMENT AUTHORITY
COUNTY OF OLMSTED
STATE OF MINNESOTA
RESOLUTION APPROVING AN ADMINISTRATIVE
AMENDMENT TO TAX INCREMENT FINANCING PLAN
FOR DMC REDEVELOPMENT TAX INCREMENT FINANCING DISTRICT NO. 69-1
(21 1ST STREET SW PROJECT)
BE IT RESOLVED by the Board of Commissioners (the “Board”) of the Rochester
Economic Development Authority (the “EDA”), as follows:
A. WHEREAS, the EDA has previously established Economic Development District
No. 69 (the “Development District”) and adopted an Economic Development Plan (the
“Development Plan”) therefor. The EDA has also established DMC Redevelopment Tax
Increment Financing District No. 69-1 (21 1st Street SW Project) (the “TIF District”) within the
Development District, and adopted a Tax Increment Financing Plan therefor (the “TIF Plan”);
B. WHEREAS, the EDA desires to amend the TIF Plan as set forth in Exhibit A
hereto to provide for an administrative change to the budget (the “TIF Plan Amendment”); and
C. WHEREAS, the TIF Plan Amendment does not increase the total estimated tax
increment expenditures, the amount of bonded indebtedness, capitalized interest, or make any
other changes described in Minnesota Statutes, Section 469.175, subd. 4, that would require a new
public hearing.
NOW, THEREFORE, BE IT RESOLVED by the Board of Commissioners (the “Board”)
of the EDA as follows:
Section 1. Findings for the Adoption of the TIF Plan Amendment. The Board finds the TIF
Plan Amendment to be necessary in connection with correcting the budget for the TIF District and
is intended and, in the judgment of the Board, the effect will be, to encourage development and
redevelopment within the Project Area and the TIF District, enhance the tax base of the City of
Rochester, Minnesota, and to otherwise promote certain public purposes and accomplish certain
objectives as specified in the Development Plan and in the TIF Plan.
The Board hereby ratifies and confirms the findings made in connection with the
establishment of the TIF District.
Section 2. Approval of the TIF Plan Amendment. The TIF Plan Amendment as set forth in
Exhibit A hereto is hereby approved. The staff of the EDA and the EDA’s advisors and legal
counsel are authorized and directed to proceed with the implementation of the TIF Plan
Amendment. The staff of the EDA is hereby directed to file a copy of the TIF Plan as amended by
the TIF Plan Amendment with the County Auditor of Olmsted County, the Office of the State
Auditor and the Commissioner of Revenue.
551701v2 RC110-100
PASSED AND ADOPTED BY THE BOARD OF COMMISSIONERS OF THE
ROCHESTER ECONOMIC DEVELOPMENT AUTHORITY, THIS ______ DAY OF
____________, 2019.
PRESIDENT OF SAID AUTHORITY
SECRETARY OF SAID AUTHORITY
APPROVED BY THE COMMON COUNCIL OF THE CITY OF ROCHESTER,
MINNESOTA, THIS THIS ______ DAY OF _______ 2019.
PRESIDENT OF SAID COMMON COUNCIL
ATTEST: _________________
CITY CLERK
APPROVED THIS ______ DAY OF ______, 2019.
MAYOR OF SAID CITY
(Seal of the City of
Rochester, Minnesota)
551701v2 RC110-100
2
Exhibit A
Amendment to TIF Plan for Redevelopment Tax Increment Financing District No. 69-1
(21 1st Street SW Project)
Section 2.7. Estimated Development Costs. The original budget set forth in Section 2.7
of the TIF Plan is hereby replaced with the new budget as follows:
Original Budget New Budget
$0 $0
Land and Building Acquisition
Renovation $2,830,000 $2,830,000
Other Public Redevelopment Costs and DMC Eligible Costs $600,000 $600,000
(including parking, streets, pedestrian pathways &
landscaping)
Affordable Housing $268,983 $268,983
Interest on Indebtedness $1,861,991 $1,411,991
Administrative Expenses $268,983 $268,983
Total $5,379,957 $5,379,957
551701v2 RC110-100
A-1